AIBU to offer 15-20k under asking price

[HappyDreamer]

We are first time buyers with no chain looking for a 3 bed house.

We viewed one today asking price is £200,000. It has a new roof and decent windows. However the kitchen needs re-doing, as does the bathroom at some point. All rooms need updating by stripping, plastering and decorating as has been in the family since the 60s.

The house has a parking space for one car and is semi detached.

I have looked at other houses in the area that have sold recently and a few that are more modern with a decent kitchen and bathroom are selling for max 220/225.

Son is selling as dad has sadly passed and son is moving away next month and wants to sell asap.

is it unreasonable to offer 15-20k less at 185/187? The kitchen will cost around 10k plus the bathroom and other things that need doing.

This is such a load of nonsense. Plenty of properties come to market overvalued particularly ones that haven’t been on the market in a long time. Our housing quality in the UK is very poor value for many & often poorly maintained.
Some people are so weird when it comes to selling & buying property & interestingly it’s never considered cheeky to over inflate the value of your property or to question the general burden we put on younger generations.

It sounds like it’s correctly priced for its state snd you shouldn’t expect to make a profit on installing a new kitchen which you might if you get it even less than advertised

but conditions are tough for sellers

Agreed. I'm confused as to why you think they would accept a lower offer when it's clearly already been priced for reflect that it needs some work?

That doesn't mean you can't offer, but realistically why would they consider accepting your offer when the £200k price acknowledges it's not in perfect condition.

I also don't for one second believe this house needs to be completely re-plastered.

In some areas, house prices are falling and there is nothing wrong with offering below the asking price. It is normal to start a bit lower as asking prices are often high.

You will get some sellers - like some of the replies above - who think it is insulting to receive offers lower than the asking price and act like it is a personal affront. I do not understand it as surely it is equally bad to be a greedy seller trying to extort as much as they can from struggling young families. Especially as they either got the house for free (inheritance) or paid very little for it themselves. But anyway, you have can’t control who the seller is, so be prepared to walk away.

The housing market seems a bit slow here at the moment so if they want a quick sale and not had much interest from anyone else then they might be more likely to sell.

Worth a go. I am selling a house atm and would accept that sort of offer on it. The market in the area I'm selling is dire though.

I always think it's worth a try. We made a cheeky offer that was £25k under the asking price, thinking there was no way it would be accepted, and it was as the sellers were on the verge of losing their onward purchase due to a buyer pulling out before us. Just bear in mind that if you proceed and there's any further issues found with surveys later down the line, it's unlikely you'd be in a position to negotiate further money off.

A new kitchen is going to cost more than that.

It fully depends on the local market and how houses are selling in your area, also how long this house has been on the market. £20K sounds like quite a discount on a £200K property that has been priced to reflect the level of modernisation needed. Not to mention they have already done the roof and windows. It also depends on how much you want the house. I would go with £10K under and see the response. If the house has been sitting for a while then I’d offer £20K under.

it’s a cheap house. others will be looking. how much do you want it?

offer what you want but dont be surprised if it’s bought very quickly by someone else. houses are flying where i am at the mo. youre in a good position if youve not got property to sell but i doubt they will discount it that much.

Everything comes down to seller motivation
I might put my house on the market in April just to see if we get any bites
If somebody offers me the price that I want for it, I might move
But if they don’t, I won’t

An offer of 10% under isn’t unreasonable. Go for it… they they can refuse or counter offer.

Decide how much you are actually willing to pay. If someone else is willing to pay more, so be it.

Don’t ask don’t get

wou” you pay £200 if need to ?

YANBU to offer what you think it's worth, but at the same time they won't be unreasonable to decline if they want/think it's worth more. Good luck though OP! x

They can only say no. Everyone expects to drop a little on asking price unless it’s on at “offers over”. I made a cheeky offer of £300k on a house which was on at £325k thinking they would ask to meet in the middle. They said yes! I was a bit wary about finding ‘the catch’ when the searches and survey etc were done. But it all looks good. Again it was a probate sale and had previously fallen through so they probably just wanted it gone. If I’d had the funds I’d have definitely paid £350k for this place so I think I got a bargain.

It really depends on what price the house was marketed at as to whether they are likely to accept or not.

Also how long it has been on the market.

If it was priced to sell as a fixer upper and below properties done up in a similar state then it is unlikely to be reduced. Also, if it has only been on the market 5 minutes then someone is unlikely to want to take the first offer that comes along if it is a low ball.

OTOH if it is priced above where the market is for the local area and been on for a month then maybe a better chance they will accept.

I would always offer what I think it is worth to me, and would be prepared to go a little higher to clinch the deal.

Obligation to a stranger... OP doesn't know them and has no obligations.

The seller could be a mass murdering serial killer with bodies in their garden, the dead parent could have been a pedophile or narcissist who abused their kids and was NC for years and the seller wants it gone.

Stop trying to pour guilt onto OP. They are a stranger to the seller. There is no guilt or Obligation.

Just be prepared for a no as an answer. I don't like the England and Wales house selling process, but make use of it as it exists.

Why don't you just offer what you want to pay. They will either accept / reject or counter.

You don't need permission from strangers on mn.

Because £20k is the physical cost - not the cost of the inconvenience, and time and effort

Or she could just buy a house she can afford.

Honestly could not care less about your opinion

You can offer that, but I wouldn’t expect it to be accepted. Be willing to negotiate.

Also, plenty of people prefer a house that needs some doing up, because they want to have it done to their own style anyway. I would feel bad taking out a brand new kitchen, but I would hate to live with someone else’s grey and black misery-fest. So I wouldn’t expect a huge discount because it’s a bit shabby.

I’m a bit surprised by the number of people on here saying you shouldn’t make a cheeky offer.

Negotiation is a standard part of house buying and selling houses. The emotional needs to be take out of it.

Good luck with your house hunting

My current house - a definite project - was on the market for £215k in a small street where the average selling price was £240k, and a recent ceiling price was £255k. I offered £185k, fully prepared to walk away if it wasn’t accepted (I was buying to fix and sell so no emotional investment, but I didn’t tell the agent that, obviously). It was. Noting ventured, nothing gained.